15.1 The Annual Budget for the first Financial Year is specified in Schedule E;

15.2 Prior to the commencement of each subsequent Financial Year the Director shall prepare a draft Annual Budget setting out the financial requirements for the carrying out of the Activities for that year.

15.3 The draft Annual Budget shall be submitted to the Board for approval.

15.4 In approving the draft Annual Budget, the Board shall determine, for the Financial Year in question -